SATS

SATS: 2QFYMar11 earnings +10.5% to $45.2m, while revenue +10.7% to $401.2m, on the back of higher contributions across its business segments. Excluding the effect of the $6.3 m from the Jobs Credit scheme in the corresponding quarter last year, profit would have increased even more,+30.6% yoy…

Aviation revenue rose 9% to $234.7 m on back of increased flights handled, higher cargo and meal volumes, non-aviation rev was up 14% to $164.1 m from higher catering. Share of profits of associated companies jumped 51.4% to $15.9m on the back of higher volumes reported by overseas ground handling joint ventures. ..

Declared interim dividend of 5 cents. Going forward, group expects its aviation business volumes to remain robust in 3Q, the traditional peak period, due to the holiday and festive season. Cites IR and resurgent Asian economies to support growth. Rev from the UK tends to be stronger in the second half of the financial year, due to the seasonal nature of its Daniels Group food business.